Drilling Tools International Corp
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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Jun 30, 2025 · Filed Aug 14, 2025
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The allocation of the purchase price is as follows:
| Assets | Preliminary March 15, 2024 | Measurement Period Adjustments | As adjusted March 15, 2024 |
|---|---|---|---|
| Cash | $2,674 | $— | $2,674 |
| Accounts receivable | 3,781 | — | 3,781 |
| Inventories | 4,282 | — | 4,282 |
| Prepaid expenses and other current assets | 189 | — | 189 |
| Property, plant and equipment | 1,647 | — | 1,647 |
| Operating lease ROU asset | 315 | — | 315 |
| Intangible assets | 8,065 | — | 8,065 |
| Goodwill | 2,618 | 526 | 3,144 |
| Total assets acquired | $23,571 | $526 | $24,097 |
| Liabilities | |||
| Accounts payable | 2,656 | — | 2,656 |
| Accrued expenses and other current liabilities | (295) | 526 | 231 |
| Current portion of operating lease liabilities | 95 | — | 95 |
| Operating lease liabilities, less current portion | 180 | — | 180 |
| Total liabilities assumed | $2,636 | $526 | $3,162 |
| Total consideration transferred | $20,935 | $— | $20,935 |
The excess of the purchase price over the fair values of the net identifiable tangible and intangible assets acquired has been assigned to goodwill. Goodwill represents the future benefits as a result of the acquisition that will enhance the services available to both new and existing customers and increase the Company’s competitive position. Goodwill will be evaluated for impairment at least annually. Goodwill attributable to the CTG Acquisition is not deductible for tax purposes.
The Company incurred acquisition-related costs of $0.4 million and $1.1 million, respectively, during the three and six months ended June 30, 2024, which is included in other operating and non-operating expenses, net in the consolidated statements of income and comprehensive income.
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